The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The  Bahamas Chamber of Commerce’s chief executive yesterday said “the wheels are not turning as quickly as we would like” when it came to Matthew-impacted businesses accessing capital funding.

Edison Sumner said: “We have been conducting assessments and interviewing business persons who have been impacted, but there is little help that can be provided to them until the financial resources become available.

“Once those resources become available, then we are quite sure that those who have been assessed and made an application for assistance, we are going to ensure that help gets to them as quickly as possible.”

Mr Sumner said he was unable to give an exact number for how many businesses need assistance, but added: “We have been conducting assessments in impacted hurricane areas. The Grand Bahama Chamber is conducting assessments in that area.

“The Government has been approved by Parliament to raise some capital [$150 million], and a portion will be set aside from the relief efforts towards the business community.”

Back in October Prime Minister Perry  Christie, amid the debate on a resolution to raise $150 million for post-Matthew restoration, said the storm had caused some $600 million in damages.

The Ministry of Finance has developed a two-tranche facility for this purpose; a syndicated loan from commercial banks that will raise $120 million, and $30 million in bonds issued to public investors.

“I must admit that the wheels are not turning as quickly as we would like in terms of accessing the funding to help the businesses impacted by the hurricane,” Mr Sumner said.

“We understand that the loans have been approved by Parliament, and I think it’s only a matter now for the Government and Ministry of Finance to finalise the details and do whatever contracts and agreements they have to sign with the banks so the funds can be made available to the Government and, by extension, the Chamber.”